The country’s fourth industrial revolution will immensely benefit the future economy growth and the Sri Lankan banking sector will have to play a pivotal role to meet future challenges, Central Bank, Governor Dr Indrajit Coomaraswamy said.
While highlighting the invaluable service rendered by the Institute of Bankers of Sri Lanka (IBSL) to produce high quality and skilled bankers Governor Coomaraswamy said IBSL is creating a healthy environment to mould the technical expertise required to make the financial intermediation function efficient and effective.
The Central Bank Governor made these remarks at the 24th Convocation of the Institute of Bankers of Sri Lanka held at BMICH. Governor Coomaraswamy highlighted that although the country faced many challenges in the agricultural sector, especially rice and coconut due to the prevailing bad weather conditions, a steady progress can be seen in this sector currently.
He also highlighted the continuous service rendered by the Central Bank (CBSL) towards all banks in the country and said it is the duty of CBSL to keep a close tab on the activities of all banks and to strengthen them .
He said the CBSL as the apex financial regulator of the country is responsible to build capacity of the financial system, enhance risk management frameworks and maintain a delicate balance between technological innovations and the consumer protection.
CBSL, Deputy Governor K.D. Ranasinghe said our banking industry was growing rapidly with innovative financial products and services that contribute highly to the economy growth.
He said currently the IBSL educational courses are gaining international recognition and even the Charted Institute of Management Accountants (CIMA) UK is prepared to grant exemptions for certain subjects that are included in the new IBSL Academy Programme
Ministry of Finance and Mass Media Secretary Dr. R.H.S.Samaratunga highlighted that the contribution made by the IBSL to the economic development and improving living standards of people was immense. He said that the banking sector remains resilient in the face of numerous challenges arising from local and global developments and said all bankers have a role to play in that endeavor.
He further said the technology advancements in developed and emerging countries have moved the banking industry away from traditional banking to internet banking and to mobile banking and now it is to digital banking.